To put it simply, March payrolls sucked relative to expectations. But, as I believe a mild winter juiced the Dec, Jan and Feb figures, it’s best to average the 4 month’s to smooth out the distortions and we get a good but not great 215k. As the market showed on Thursday its still pathetic reliance on monetary medicine, the jobs report will still beg the question of how the Fed doves will respond as we’re just weeks away from the next FOMC meeting. Until we get there though, we are on the cusp of seeing the slowest y/o/y earnings growth results in 3 years as the reality central bank largesse distorted for the last few months may get revealed by corporate America showing slowing growth in Europe, Asia and Latin America, ok but mediocre growth in the US and profit margins which just can’t be expanded any longer.
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